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As can be expected from a major global financial hub, the UAE boasts an advanced banking industry and are quick to embrace new developments. The UAE is fast becoming a leading global financial center, and boasts one of the largest Islamic banking markets in the world, after Saudi Arabia and Malaysia.
UAE’s banking industry a highly regulated environment adheres to international best practices while operating with zero personal and corporate tax rates, as well as 100% capital repatriation with no currency restrictions. This type of financial freedom is seldom found in such a highly developed business environment. Banks in Dubai are well known as being some of the leading financial institutions in the world, providing not only stability and excellent quality, but also complete confidentiality.
Opening a bank account is becoming increasingly difficult due to international transparency and anti-money laundering initiatives. All banks undertake increased due diligence as well opening procedures differ widely between banks, sometimes even between different branches of the same bank. Applications can be complicated and documents often have to be certified or notarised and translated.
SSandCo. can advise and assist you with the preparation and submission of the necessary documentation. Clients are of course, free to choose their own banks but generally, an account can be opened more quickly and on better terms at banks known to, and recommended by SSandCo.